Water solutions and services provider Culligan has entered into an agreement to acquire AquaVenture Holdings (AquaVenture) for $1.1bn in an all-cash transaction.

For the transaction, Culligan has accepted to pay AquaVenture shareholders $27.10 per share and the amount also includes the company’s net debt.

Founded in December 2006, AquaVenture has now grown to become a major Water-As-a-Service (WAAS) solution provider.

AquaVenture serves over 55,000 institutional and commercial customers

Presently, it offers point-of-use filtered water systems and related services to more than 55,000 institutional and commercial customers.

The company also offers desalination and wastewater treatment solutions to governmental, municipal, industrial and hospitality customers.

With the deal, AquaVenture will join Culligan’s consumer water service and solutions platform. Under Culligan’s ownership, AquaVenture will continue providing services and water treatment solutions for its customers.

AquaVenture president and CEO Anthony Ibargüen said: “We are pleased to reach this agreement to join forces with Culligan and its leading presence in the global water industry, and believe it delivers compelling value to all AquaVenture stakeholders.

“Our leadership team is proud of the development and success of AquaVenture, and excited for what our employees can accomplish in partnership with Culligan in the future.”

The deal is expected to be closed early next month, subject to regulatory approvals and the satisfaction of other customary closing conditions.

After the deal’s closure, AquaVenture will become a private company and its shares will no longer be listed on any stock exchange, Culligan said.

Culligan CEO Scott Clawson said: “AquaVenture is a leading player in water purification solutions with a strong record of innovation. We are excited to work with the AquaVenture team and look forward to the many opportunities ahead.”

Established in 1936, Culligan is a major water solutions provider, with dealers in 90 different countries. The company offers water softeners, drinking water systems, whole-house systems and solutions for businesses.